Financial Liberalization and Domestic Policy Space: Theory and Practice with Reference to Latin America

Author(s):  
Jan Kregel
Author(s):  
Giselle Datz

Despite theoretical assumptions about the potential for financial liberalization in Latin America to foster economic growth, empirical developments revealed a different story. With financial liberalization came greater macroeconomic instability, exposing countries to financial crises even when domestic economic fundamentals were mostly in order. At the policy front, capital account liberalization posed crucial challenges to macroeconomic governance. Indeed, international political economy literature on financial globalization has highlighted that developing countries’ governments who chose to implement policies that contradicted financial markets’ expectations could be “disciplined” or “punished” by the threat of capital outflows. Yet, capital flows to emerging economies are not determined solely by domestic (push) factors. Even in the most extreme case of noncompliance with investors’ (creditors’) preferences—i.e., sovereign default—evidence shows that market re-access and the cost of new debt are a function of credit cycles rather than solely determined by investors’ decisions to “punish” defaulters. In addition, to the extent that the “market” can indeed be considered as a single analytical category, industry-specific incentives shape portfolio investors’ bets. Caveats also apply to how market reforms differed in nature and degree, even in Latin American countries subjected to similar external pressures. The same is true for policy responses to the 2008 financial crisis. These dynamics add necessary nuance to broad depictions of financial liberalization as a deterministic process unequivocally constraining domestic policy autonomy in predictable ways.


Author(s):  
Ligia Maria Vieira-da-Silva

Throughout history, knowledge and practices on the health of populations have had different names: medical police, public health, social medicine, community health, and preventive medicine. To what extent is the Brazilian collective health, established in the 1970s, identified with and differentiated from these diverse movements that preceded it? The analysis of the socio-genesis of a social field allows us to identify the historical conditions that made possible both theoretical formulations and the achievement of technical and social practices. Collective health, a product of transformations within the medical field, constituted a rupture in relation to preventive medicine and public health and hygiene, being part of a social medicine movement in Latin America that, in turn, had identification with European social medicine in the 19th century. Focused on the development of a social theory of health that would support the process of sanitary reform, collective health has been built as a space involving several fields: scientific, bureaucratic, and political. Thus, it brought together health professionals and social scientists from universities, health care services, and social movements. Its scientific subfield has developed, and the sanitary reform project has had several successes related to the organization of a unified health system, which has ensured universal coverage for the population in Brazil. It has incorporated into and dialogued with several reformist movements in international public health, such as health promotion and the pursuit of health equity. Its small relative autonomy stems from subordination to other dominant fields and its dependence on the state and governments. However, its consolidation corresponded to the strengthening of a pole focused on the collective and universal interest, where health is not understood as a commodity, but as a right of citizenship.


2021 ◽  
Vol 31 (1) ◽  
pp. 106-125
Author(s):  
Anton Andreev ◽  
◽  
Daria Pravdiuk

The activities of the Third (Communist) International left a noticeable mark on the political history of Latin America. His ideological, organizational legacy remains a factor in shaping the theory and practice of contemporary leftist governments in the region. This article examines the impact of the legacy of the Comintern on international processes in Latin America, the development of integration projects, foreign policy projects of the left forces of the region. On the basis of archival documents, media materials, documents of parties and governments, the authors show which of the foreign policy guidelines of the Comintern are relevant for the region in the 21st century.


2020 ◽  
Vol 47 (4) ◽  
pp. 20-39
Author(s):  
Ronaldo Munck

Social movements in Latin America have always attracted attention, but there is no agreed-upon paradigm, certainly not one accepted in Latin America. A review from a Latin American perspective of the strengths and weaknesses of the theoretical paradigms used to understand these movements suggests a revitalized paradigm that foregrounds the agency of people and, above all, brings politics back in. A proposed new, poststructuralist Marxist frame for research on both theory and practice puts a Foucauldian emphasis on the dissoluble links between power and resistance and a Laclau-inspired emphasis on the national-popular. Aunque los movimientos sociales en América Latina siempre han llamado la atención, no hay un paradigma acordado; ciertamente, no uno que se acepte en la región. Un análisis desde una perspectiva latinoamericana de las fortalezas y debilidades de los paradigmas teóricos utilizados para entender estos movimientos sugiere un marco revitalizado que pone en primer plano la agencia de las personas y, sobre todo, recupera el tema de la política. El nuevo paradigma marxista postestructuralista aquí propuesto para la investigación tanto teórica como práctica pone un énfasis foucauldiano en los vínculos disolubles entre el poder y la resistencia, así como un énfasis en lo nacional y popular inspirado por Laclau.


Sign in / Sign up

Export Citation Format

Share Document